EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2023

4. EARNINGS PER SHARE

Basic and diluted earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the respective periods. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities. Restricted shares of common stock (participating securities) outstanding and a reconciliation of weighted average shares outstanding is as follows:


	Three months ended				Six months ended
	June 30,				June 30,
(in thousands)	2023		2022		2023		2022
Net income available for stockholders:	$	14,321	$	9,955	$	25,870	$	17,018
Less: Adjustments for earnings attributable to participating securities		(343)		(208)		(616)		(350)
Net income used in calculating earnings per share	$	13,978	$	9,747	$	25,254	$	16,668

Weighted average shares outstanding (including participating securities)		34,458		34,191		34,419		34,146
Adjustment for participating securities		(839)		(743)		(830)		(718)
Shares used in calculating basic and diluted earnings per share		33,619		33,448		33,589		33,428